Improper Proof of Customer Information
In order for a customer to complete the purchase of a vehicle, they will need specific documentation according to the deal. The finance manager will provide exact details of what they need:
Valid Photo Identification- This can be a License or a State ID. The address must match the address where the customer is registering the vehicle. This is necessary every time. If the customer’s address needs to be updated, you can do this online at the DMV Website
Valid Insurance Card- The customer must add the new vehicle to their policy in order to drive the vehicle off of the lot if they are out of state. The customer must be listed as a driver on the policy with the correct address as the registration. Proof of this will be provided by a new insurance ID Card. This can provided physically or digitally (in .pdf format). If they are a PA resident and have active insurance on their trade-in vehicle, the current insurance ID card will be sufficient. The driver must add the vehicle to that policy within 10 days. It is best practice to help the customer add the vehicle to their policy during the finance process in this situation to avoid any issues later.
Registration or Title- If the customer is trading in a vehicle that has a loan on it still, providing the registration is necessary. If the customer is trading a vehicle that has been paid off, the customer must provide a title to complete the trade in part of the transaction. Advise the customer to wait until the finance manager is available to sign and fill out the title. Some states may have multiple titles, the finance manager will advise should you need any other information.
“Stips” or Pay Stubs- Sometimes the bank will require proof of income to execute the loan. We may need bank statements showing deposits to someone self employed, payroll checks with the year-to-date present, or a W-2 to prove income. Your finance manager will advise you on the necessary documentation in this scenario.
If any customer information is the reason for a delay in delivery the missing information needs to noted in VinSolutions. Coordinate with your Sales manager and Finance Professionals to find out exactly what information is missing.
Be thoughtful when is comes to providing a solution. Having the customer send emails through VinSolutions provides a location that you, your manager, and the finance manager can see. Information being sent via text to personal cell phones or your direct work email are frowned upon. Personal customer information should always be sent through the proper channels for security and to encourage a faster process.
Word Tracks:
"Jake, did you speak to your insurance company and get them to send you a new insurance card?…. Great you can email me at jwarrington@toyotaofscr.com and we’ll get it printed out and put into your file.”
“Hey Jake, I know you had a paycheck for Five Guys while you were here, but did you get your boss to print a W-2 from the Mattress company from last year?” “Great, can you bring that in later tonight or would tomorrow work better for you to come get your car?”
“Hey Jake, did you get over to the DMV last night?” “Awesome, so can you make it in later today or would tomorrow work better for you to come grab your car?”
Thoughts:
Make it easy on your customer to get you this information. Once you do, review it with your finance manager so you can make sure the customer is coming in to pick up their vehicle. After that, SET A FIRM APPOINTMENT with the customer to meet with you and your finance manager to take delivery.